Ecos India Mobility & Hospitality Ltd Management Discussions

Forward-looking Statements in this Management Discussion and Analysis of Financial Condition and Results of Operations of the Company describing the Companys objectives, expectations or predictions may be forward-looking within the meaning of applicable securities laws and regulations. These Forward-looking statements are based on certain assumptions and expectations regarding future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The Company assumes no responsibility to publicly amend, modify or revise forward-looking statements, based on any subsequent developments, information or events. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Companys operations include changes in government regulations, tax laws, economic developments within the country and such other factors within India and globally.

The financial statements are prepared as per the IND AS guidelines and comply with the applicable Accounting Standards notified under Section 211(3C) of the Act read with the Companies (Accounting Standards) Rules, 2015. The management of Ecos (India) Mobility & Hospitality Limited has used estimates and judgments relating to the financial statements on a prudent and reasonable basis, in order that the financial statements reflect, in a true and fair manner, the state of affairs and profit for the year. The following discussions on our financial condition and result of operations should be read together with our audited consolidated financial statements and the notes to these statements included in the annual report. Unless otherwise specified or the context otherwise requires, all references herein to we, us, our, the Company, Ecos are to Ecos (India) Mobility & Hospitality Limited.

Global Economic Environment

The global economy remained relatively resilient throughout 2025 despite facing intermittent geopolitical disruptions, shifting trade relationships and the continued effects of differing monetary policy actions adopted by central banks across major economies. Although global growth moderated from the stronger momentum witnessed during the post-pandemic recovery period, economic activity remained broadly stable across most regions.

According to the International Monetary Fund (IMF), global GDP growth stood at approximately 3.4% in 2025 and is projected to ease modestly to around 3.1% in 2026. The anticipated moderation reflects softer growth prospects across both advanced and emerging market economies. Growth in emerging and developing economies is expected to witness a comparatively sharper slowdown, declining by nearly 50 basis points from 2025 levels, whereas advanced economies are projected to experience a relatively smaller moderation of around 10 basis points.

Inflationary pressures that had intensified significantly over the previous two years continued to ease across most major economies during 2025. Price stability improved as the impact of earlier monetary tightening measures gradually filtered through economic systems. Inflation trends, however, remained varied across regions. The United States reported inflation of approximately 2.7%, while inflation in the Euro Area was around 2.1%. The United Kingdom recorded comparatively higher inflation at approximately 3.4%, although overall inflation levels across developed markets indicated meaningful progress in controlling price pressures.

Among advanced economies, growth remained relatively subdued. Countries such as France, Italy and Germany registered GDP growth rates below 1.0% during 2025, with Germany recording growth of only 0.2%. Meanwhile, economies including Japan, the United Kingdom and Canada delivered GDP growth within the range of 1.2% to 1.7% during the year, with growth expectations for 2026 remaining slightly lower than the levels achieved in 2025.

The United States continued to demonstrate economic resilience supported by strong productivity gains and sustained investments in technology-led sectors. After recording GDP growth of 2.1% in 2025, the U.S. economy is projected to expand by 2.3% in 2026, representing an increase of approximately 20 basis points over the previous year.

Among emerging economies, India and China continued to outperform most major global peers. India recorded GDP growth of 7.6% in 2025, while China achieved growth of 5.0%. Although growth rates for both economies are expected to moderate in 2026, projected expansion of 6.5% for India and 4.4% for China remains significantly higher than the expected global average, underscoring their continued importance as key engines of global economic growth.

Global trade activity remained robust despite ongoing geopolitical uncertainties, supply-chain adjustments and increasing protectionist measures adopted by certain economies. Estimates released by the World Trade Organization (WTO) and the United Nations Conference on Trade and Development (UNCTAD) indicate that global trade in goods and services reached approximately USD 35 trillion during 2025, representing one of the highest levels of international trade activity on record. Merchandise trade volumes increased by nearly 4.6% during the year, although growth patterns differed across regions due to evolving trade policies and continuing supply-chain realignments.

Developed economies continued to account for a significant share of global consumption demand, supported by relatively high-income levels and strong consumer spending. The United States remained one of the worlds largest consumption-driven economies, with per capita GDP exceeding USD 94,000. Similarly, the European Union maintained a substantial consumption base, with average per capita GDP of approximately USD 51,000. These figures highlight the continued influence of advanced economies on global trade flows, consumer demand and overall economic activity. Sources: IMF World Economic Outlook https://www.imf.org/en/publications/weo/issues/2025/07/29/world-economic-outlook-update-july-2025 Inflation Database https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/global-economics-intelligence GDP forecast data https://www.oecd.org/en/data/insights/statistical-releases/2026/03/g20-gdp-growth-fourth-quarter-2025.html https://www.businesstoday.in/latest/economy/story/top-10-global-economies-in-2026-why-india-may-lose-5th-spot-yet-outpace-global-peers-533651-2026-05-27 https://www.worldometers.info/gdp/us-gdp/

UNCTAD Global Trade Update https://unctad.org/news/global-trade-hit-record-35-trillion-despite-slowing-momentum https://www.wto.org/english/res_e/booksp_e/gtos0326_e.pdf World Bank GDP per capita data https://data.worldbank.org/indicator/NY.GDP.PCAP.CD https://www.worldometers.info/gdp/us-gdp/ https://www.imf.org/external/datamapper/NGDPDPC@WEO/EURO/EU/USA

Indian Economic Environment

India continued to reinforce its position as one of the fastest-growing major economies globally during FY2025-26, demonstrating remarkable resilience despite global economic moderation, geopolitical uncertainties and volatility in international markets. According to the Second Advance Estimates (SAE), Indias real GDP growth for FY2025-26 stood at 7.6%, significantly outperforming several major economies including the United States (approximately 2.1%), the Euro Area (approximately 1.4%) and China (approximately 5.0%). The countrys growth momentum was supported by strong domestic consumption, expanding services activity, rising infrastructure investments and the continued impact of structural economic reforms.

Inflation remained broadly within the Reserve Bank of Indias target range during the year despite fluctuations in global commodity prices and geopolitical tensions affecting energy markets. Headline Consumer Price Index (CPI) inflation moderated to a historic low of 1.7% during the first nine months of FY2025-26 before rising to 3.4% in March 2026, primarily due to geopolitical developments and supply-chain disruptions. The Reserve Bank of India maintained a balanced monetary policy approach, with the policy repo rate at approximately 5.25%, supporting economic growth while maintaining price stability.

The Government of India continued to prioritize infrastructure-led development through sustained capital expenditure. The Union Budget maintained a strong focus on transportation networks, logistics infrastructure, digital connectivity and energy transition initiatives, with central government capital expenditure exceeding 12 lakh crore. This continued investment has played a critical role in stimulating private sector participation, enhancing productivity and strengthening long-term economic competitiveness. Fiscal consolidation also remained a key policy objective, with the fiscal deficit targeted at approximately 4.4% of GDP during FY26.

Indias external sector remained stable and resilient despite volatility in global financial markets. Foreign exchange reserves reached a record high of approximately USD 726 billion during FY26, providing import cover of around 11 months and strengthening the countrys ability to withstand external economic shocks and currency fluctuations. India also retained its position as the worlds largest recipient of remittances, receiving approximately USD 140 billion during FY26, supported largely by remittance inflows from Indian professionals and workers based in the Gulf Cooperation Council (GCC) region and other developed economies. These inflows continue to support household consumption, financial savings and domestic economic activity.

Economic growth during the year was broad-based, with strong contributions from the services, manufacturing and infrastructure sectors. Financial services, digital platforms, telecommunications, capital goods and infrastructure-linked industries emerged as key growth drivers. Manufacturing activity continued to benefit from government initiatives such as the Production-Linked Incentive (PLI) schemes, which are strengthening domestic capabilities across strategic sectors including electronics, renewable energy equipment, automobiles and semiconductors. Emerging sectors such as artificial intelligence, fintech, renewable energy, electric mobility and semiconductor manufacturing are also expected to play an increasingly important role in shaping Indias future growth trajectory.

Within this broader economic backdrop, Indias corporate mobility and employee transportation industry is undergoing a significant structural transformation. Rapid urbanization, increasing inter-city business travel, the expansion of multinational corporations, rising employee safety requirements, growing adoption of outsourced transportation services and continued improvements in road and airport infrastructure are driving demand for organized mobility solutions. Enterprises are increasingly shifting towards technology-enabled transportation partners that offer standardized service quality, regulatory compliance, operational scalability, real-time monitoring capabilities and nationwide service coverage. The industry is also witnessing growing adoption of digital fleet management systems, route optimization platforms and integrated mobility solutions, enabling enterprises to improve operational efficiency while enhancing employee safety and travel experience. These trends are accelerating the transition from fragmented and unorganized transportation providers to organized mobility operators with strong technology capabilities and scalable operating models.

A key long-term growth driver for the organized mobility industry remains the rapid expansion of Indias Global Capability Centre (GCC) ecosystem. According to industry estimates, the Indian GCC market was valued at approximately USD 69.85 billion in 2025 and is expected to expand to nearly USD 130.5 billion by 2033, representing a CAGR of approximately 8.1%. India currently hosts more than 1,700 GCCs, with over 170 new GCCs established during CY2025 alone. Supported by a large skilled workforce, mature digital infrastructure, cost competitiveness and a favourable business environment, India continues to attract multinational corporations seeking to establish and expand global operations.

The continued growth of GCCs, multinational enterprises and large corporate campuses is expected to drive sustained demand for employee transportation services, chauffeur-driven rentals, airport transfers and integrated corporate mobility solutions. As organizations continue to prioritize safety, compliance, operational efficiency and employee experience, the long-term outlook for the organized corporate mobility sector remains favourable.

Indian Economic Outlook

Indias economic outlook remains among the strongest globally. According to projections from the International Monetary Fund (IMF) and the Reserve Bank of India (RBI), the Indian economy is expected to grow by approximately 6.6% during FY2026-27, supported by resilient domestic demand, sustained infrastructure investments and ongoing structural reforms. Government initiatives focused on manufacturing expansion, logistics development, digital infrastructure and energy transition are expected to strengthen productivity and encourage greater private-sector investment over the medium term. Rising financialisation of household savings, growing participation in capital markets and continued expansion of the services sector are expected to provide additional support to economic growth. While geopolitical tensions, commodity price volatility and evolving global trade dynamics may continue to create short-term uncertainties, Indias strong macroeconomic fundamentals, healthy banking system, robust foreign exchange reserves, fiscal discipline and resilient domestic consumption position the country favourably to navigate external challenges. Continued investor confidence and structural growth opportunities are expected to support Indias medium-term economic expansion and reinforce its position as one of the worlds fastest-growing major economies.

Sources:

IMF World Economic Outlook https://www.imf.org/-/media/files/publications/weo/2026/april/english/ch1.pdf Reserve Bank of India Monetary Policy https://www.pib.gov.in/PressReleasePage.aspx?PRID=2260315r=3&lang=1 Ministry of Statistics CPI data https://www.pib.gov.in/PressReleasePage.aspx?PRID=2251519r=3&lang=1 Union Budget of India https://www.pib.gov.in/PressReleasePage.aspx?PRID=2222521r=3&lang=1 IBEF Economic Survey Analysis https://www.ibef.org/economy/economic-survey-2025-26 World Bank Migration and Remittances Database https://www.worldbank.org/en/topic/migrationremittancesdiasporaissues India Brand Equity Foundation Market Analysis https://www.ibef.org/news/indian-stock-market-gives-18-returns-in-five-years-beats-china-other-global-market-peers-small-cap-stocks-outperform Foreign Exchange reserve data: https://newsonair.gov.in/indias-forex-reserves-hit-record-725-727-billion-dollars/ Remittance Data: https://openthemagazine.com/business/remittances-to-india-set-to-hit-record-140-billion-in-fy26-amid-global-tensions-report

KEY INDUSTRY GROWTH DRIVERS

the industry continues to benefit from several long-term structural trends that are supporting the growth of organized corporate mobility and employee transportation services across India.

Rising Preference for Organized Mobility Service Providers

Corporate customers are increasingly transitioning from fragmented and unorganized local transportation operators to organized mobility service providers offering standardized service quality, nationwide operational capabilities, technology integration and enhanced customer experience. Enterprises are prioritizing reliability, scalability, compliance and operational efficiency while selecting transportation partners, thereby accelerating the formalization of the industry.

Increasing Focus on Safety, Tracking and Operational Transparency

Employee safety and operational visibility have become critical priorities for enterprises, particularly for multinational corporations, IT & ITES companies and GCCs operating round-the-clock transportation services. Organizations are increasingly demanding real-time tracking, route monitoring, centralized command systems, driver verification, SOS features and robust safety protocols to ensure secure and transparent transportation operations.

The growing emphasis on regulatory compliance, employee well-being and risk management is expected to further strengthen demand for organized and technology-enabled mobility providers.

Greater Adoption of Technology-Enabled Transportation Management Systems

The organized mobility industry is witnessing rapid digital transformation, with companies increasingly investing in integrated transportation management systems, route optimization tools, automation platforms, analytics and real-time fleet monitoring solutions. Technology adoption is helping mobility providers improve operational efficiency, optimize vehicle utilization, enhance customer experience, reduce turnaround time and strengthen decision-making capabilities. Further, digital booking platforms, automated scheduling systems, centralized dashboards and data-driven operational models are enabling companies to provide scalable and efficient mobility solutions to enterprise customers.

Expansion into Tier II and Tier III Cities

The expansion of business operations, GCCs, manufacturing facilities and IT & ITES hubs into Tier II and Tier III cities is creating significant opportunities for organized mobility providers. Improving infrastructure, increasing urbanization, enhanced connectivity and rising commercial activity across emerging cities are contributing to growing demand for employee transportation and corporate travel services. As enterprises continue to expand beyond metropolitan markets, organized mobility operators with scalable operational networks and nationwide reach are expected to benefit from increasing mobility demand across these emerging growth centres.

Increasing Demand for Integrated Mobility Solutions

Corporate customers are increasingly seeking integrated mobility solutions that offer end-to-end transportation management capabilities, including employee transportation services, chauffeur-driven rentals, airport transfers, event transportation, centralized reporting, billing integration and technology-enabled operational support. The demand for single-vendor integrated mobility platforms is rising as enterprises focus on improving operational efficiency, cost optimization, employee convenience and service standardization across multiple locations.

Growth in Premium and Executive Transportation Requirements

The growing presence of multinational corporations, expansion of GCCs, increasing executive travel and rising premium business mobility requirements are driving demand for high-quality chauffeur-driven transportation services. Enterprises are increasingly seeking premium transportation solutions offering superior comfort, reliability, professionalism and enhanced customer experience for senior management, business delegations and corporate guests. This trend is expected to support continued growth in premium mobility services and chauffeur-driven executive transportation solutions across key business hubs in India.

Growth Driver	Addressable Market Impact	Ecos Positioning
	High \u2013 Accelerates market share
Organized Mobility Shift		Pan-India network, brand trust
	gain
	Very High \u2013 Direct client base
GCC Ecosystem Expansion		70+ Fortune 500 clients
	growth

Technology-Enabled		High \u2013 Operational			efficiency &
						Proprietary TMS, fleet tools
Platforms		retention
		Medium\u2013High		\u2013	Geographic
Tier II & III City Growth						131 cities, vendor network
		expansion TAM
Premium/Executive		Medium	\u2013	Higher	margin
						Chauffeur CCR segment
Transport		segment
Employee	Safety
		High \u2013 Regulatory & ESG tailwind				24x7 ops, SOS, tracking
Compliance

COMPANY OVERVIEW

Established in 1996, ECOS (India) Mobility & Hospitality Limited has evolved into one of Indias leading corporate mobility and chauffeur-driven transportation service providers. The Company operates a technology-enabled, asset-light business model catering primarily to corporate clients, multinational companies, GCCs, BSE 500 companies, IT & ITES companies, institutions and event management requirements.

Service Portfolio

Service Line		Description				Key Customer Segment
Chauffeured	Car Rentals	Executive transport,	airport	transfers,
						MNCs, senior executives, GCCs
(CCR)		conferences, business meetings
Employee	Transportation	24x7 workforce	commute	with	route
						IT/ITES, GCCs, large corporates
Services (ETS)		optimization & tracking
		Integrated end-to-end mobility		management
Corporate Mobility Solutions						Enterprise accounts, BSE 500
		across multiple cities
		Dedicated fleet coordination for		corporate
Event Transportation						Event managers, institutions
		events, delegations
						Multinationals,	expat
Global Mobility Coordination		Cross-border travel	& mobility	facilitation in
		30+ countries				workforce

Over the years, the Company has established a strong operational footprint across India and overseas markets through a combination of owned offices and vendor partnerships.

As on FY26, the Company had established a strong operational footprint across India and international markets, with presence spanning 131 cities in India and operations extending across more than 30 countries globally. The Company operated through a fleet network of over 20,000 vehicles supported by an asset-light business model, with more than 90% of the fleet being vendor-owned enabling scalability, lower capital intensity, operational flexibility and improved return ratios while maintaining broad service coverage. During the year, the Company served over 1,750 active corporate clients, including 70+ Fortune 500 companies and 75+ BSE 500 companies, reflecting its strong enterprise relationships and market positioning. The Company successfully completed approximately 5.23 million trips during FY26, demonstrating the scale, operational capability and growing demand for its integrated corporate mobility solutions.

The Company continues to strengthen its digital infrastructure through investments in proprietary technology platforms, backend integration systems, fleet management tools, booking platforms and customer experience enhancement initiatives.

BUSINESS OVERVIEW

ECOS operates primarily through two business verticals:

1. Chauffeured Car Rentals (CCR)

The CCR business provides chauffeur-driven transportation solutions for corporate executives, airport transfers, business meetings, conferences, events and institutional travel requirements. The segment continues to benefit from rising corporate travel activity, increasing demand for premium mobility solutions, expansion of multinational corporations and GCCs and growing outsourcing of transportation operations by enterprises seeking reliable, technology-enabled and scalable mobility partners.

2. Employee Transportation Services (ETS)

The ETS segment caters to the daily employee commuting requirements of corporate customers through technology-enabled transportation solutions and structured routing systems. The Company provides 24x7 employee transportation services supported by route optimization, real-time tracking, integrated mobility platforms and customized shift-based transportation solutions to ensure operational efficiency, employee safety and service reliability. The segment continues to benefit from the expansion of IT & ITES operations, growth of GCCs and increasing corporate focus on employee safety and operational efficiency.

STRATEGIC DIFFERENTIATORS

Technology-Led Operations

The Company continues to invest in technology infrastructure to improve operational efficiency, customer experience, route optimization, fleet visibility and booking automation. During FY26, the Company implemented enhancements across its platforms and strengthened its backend operational systems.

Asset-Light Business Model

With over 90% vendor-owned fleet participation, the Company maintains a scalable and capital-efficient business structure. This model enables rapid expansion across cities while maintaining flexibility and minimizing capital expenditure requirements.

Strong Enterprise Relationships

The Company has built long-standing relationships with corporate customers across sectors including IT & ITES, manufacturing, consulting, hospitality and multinational corporations.

Pan-India Presence

The Company has established operations across 131 cities in India supported through owned offices and extensive vendor partnerships, enabling nationwide service capability.

Experienced Management Team

The Company is led by an experienced management team with extensive industry expertise across mobility, operations, finance, human resources, technology and customer management functions.

FINANCIAL PERFORMANCE

Revenue from operations increased to 8,081.58 million in FY26 from 6,539.64 million in FY25, registering a year-on-year growth of 23.58%, driven by strong demand across both Chauffeured Car Rentals (CCR) and Employee Transportation Services (ETS) segments. Growth during the year was supported by higher trip volumes, addition of new enterprise clients, expansion of mobility requirements from existing customers and increasing demand from GCC-led sectors. EBITDA stood at 939.29 million in FY26 as compared to 923.88 million in FY25.

Profit Before Tax (PBT) stood at 764.10 million during FY26 as compared to 794.61 million in FY25. Profitability during the year was impacted due to one time and non-recurring provision for bad and doubtful debts , increase in employee benefit expense , change in customer mix toward inter price clients with negotiated pricing and competitive market condition. Return on Capital Employed (ROCE) stood at 29.36% in FY26, reflecting the strength of the Companys scalable asset-light operating model and disciplined capital allocation strategy.

The Company continued to maintain a strong liquidity position, supported by healthy cash flows, low leverage and prudent financial management, enabling adequate flexibility to support future growth initiatives and operational expansion.

Key Financial Ratios

	As on 31st	As on 31st
			Change
Ratio	March,	March,		Explanation
			(%)
	2026	2025
				Continued reduction in debt levels and strong internal
Debt-Equity
	0.00	0.03	-100%	accruals	further	strengthened the Company\u2019s			balance
Ratio
				sheet and net-cash position.
Current				Current	ratio	remained	stable,	reflecting	healthy
	2.54	2.53	-
Ratio				liquidity and efficient working capital management.
				Moderation in		ROE was primarily		attributable to
Return on
		30.1%	-21%	increase	in equity base post listing			and	investments
Equity (ROE)	23.7%
				towards future growth initiatives.
				Inventory Turnover Ratio			is not part of the disclosure
Inventory
				requirements. Further,		considering		that the inventory
Turnover	NA	NA	NA
				value is	relatively low,	the presentation is considered
Ratio
				justifiable.
Debtor
				consistent	collection	efficiency		and	receivables
Turnover	8.52	8.50	0.24%
				management.
Ratio
Interest
				Improved significantly due to lower finance costs and
Coverage	88	41	114.63%
				stronger operating profitability.
Ratio
				Declined due to higher operating costs impacting overall
Operating
				operating	profitability.		operating	profit	margin
Profit	8.15%	10.90%	25.23%
				calculated	dividing Earnings before interest				and tax
Margin (%)
				(EBIT)by revenue from operation .

Net	Profit				Declined primarily due to lower operating profitability
		7.12%	9.19%	22.52%
Margin(%)					during the year

Operational Performance:
	Revenue	from		Revenue from
Segment	(INR		% of Total			% of Total	YoY Change
	Operations	in		Operations	in
in lakh)			Revenue FY26			Revenue FY25	(%)
	FY26			FY25
CCR	33271		41%	25,818		40%	28.9%
ETS	44694		55%	36748		56%	21.6%
Others	2851		4%	2831		4%	0.7%
Total	80816		100%	65,397		100%

Operational Parameter	FY26	FY25	Trend
Total Fleet Network	20,000+ vehicles	12,500+ vehicles	Scale-up
Vendor-Owned Fleet %	>90%	>90%	Maintained
Cities of Operation	131 cities	109 cities	Expansion
Countries (Global Ops)	30+ countries	30+ countries	Geographic reach
Fortune 500 Clients	70+	42	Premium segment
BSE 500 Clients	75+	60	Domestic blue-chip
Total Trips Completed	5.23 million	4.04 million	~29% YoY

RISKS AND CONCERNS

The Company operates in a dynamic and evolving business environment and is exposed to various business, operational, regulatory and technology-related risks that could impact its performance and growth prospects. The Company continuously evaluates these risks and undertakes appropriate mitigation measures to minimize their potential impact.

Competitive Intensity

The organized corporate mobility industry remains highly competitive, with the presence of both organized and unorganized players across various markets. Increasing competition may impact pricing, margins, customer acquisition and market share. However, the Company continues to strengthen its competitive positioning through its established brand, technology-enabled operations, nationwide presence, diversified customer base and service quality standards.

Regulatory and Compliance Risks

The Companys operations are subject to various central and state regulations relating to transportation, taxation, labour laws, environmental requirements and safety standards. Any changes in applicable regulations, policies, or compliance requirements could impact operational costs and business operations. The Company continues to maintain robust compliance frameworks and regularly monitors regulatory developments to ensure adherence to applicable laws and standards.

Dependence on Corporate Spending and Business Travel Activity

Demand for corporate mobility and employee transportation services is closely linked to overall economic activity, business travel trends and enterprise spending patterns. Any slowdown in economic growth, reduction in corporate travel activity, lower outsourcing by enterprises, or adverse business conditions may impact demand for the Companys services.

Vendor Dependency Risks

The Company operates through an asset-light business model and relies significantly on third-party vendor partners for fleet availability and transportation services. Any disruption in vendor relationships, shortage of vehicle availability, or inability to maintain service quality standards could impact operational efficiency and customer experience. The Company continues to strengthen its vendor network, monitoring systems and operational controls to mitigate such risks.

Technology and Cybersecurity Risks

As mobility operations become increasingly technology-driven, maintaining robust digital infrastructure, cybersecurity frameworks, data protection systems and uninterrupted platform performance remains critical. Any cyber threats, technology disruptions, data breaches, or system failures could adversely impact business operations and customer confidence. The Company continues to invest in strengthening its technology infrastructure, digital capabilities, security protocols and business continuity frameworks.

Operational and Service Delivery Risks

The Companys operations involve large-scale coordination across multiple cities, customers, vendors and transportation networks. Any disruptions arising from operational inefficiencies, manpower challenges, traffic conditions, fuel price volatility, or service interruptions may impact business performance and customer satisfaction. The Company continues to focus on operational excellence, process standardization, technology integration and quality monitoring mechanisms to enhance service reliability. The Company remains committed to strengthening its internal control systems, operational processes, compliance frameworks, risk management practices and technology capabilities to effectively manage evolving business risks and support sustainable long-term growth.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has established an adequate internal control framework commensurate with the size and nature of its operations. The framework covers financial reporting, operational controls, compliance monitoring, risk management, technology systems, vendor management and audit processes. The internal audit function periodically reviews the effectiveness of these controls to ensure operational efficiency, regulatory compliance and strong governance standards.

HUMAN RESOURCES

At ECOS India Mobility & Hospitality Ltd., we believe our people are the driving force behind every safe, reliable and seamless journey we deliver. Our Human Capital strategy is focused on building a capable, engaged, inclusive, safe and future-ready workforce aligned with our business priorities and long-term value creation. During FY 2025-26, we strengthened our people practices across talent acquisition, capability development, leadership, performance, employee experience, well-being, diversity & inclusion, recognition and responsible business conduct. The Company onboarded 655 employees, taking the total workforce to 1,271 employees as of 31 March 2026, supporting business growth and operational capability across our mobility and hospitality ecosystem.

Capability building remained a strategic priority. We delivered 6,989 training hours, with 90% of employees completing at least one training programme and an average of 44 training hours per employee. Our learning agenda covered leadership, functional and customer-centric capabilities through programmes such as Your Professional Presence, Together in Diversity, Collaboration Compass, Dare to Excel, Saksham CLCM, Saksham ETS and Sales and Growth Meet, designed to strengthen professional effectiveness, collaboration, business understanding and leadership readiness. We also advanced Digital & AI readiness through initiatives such as Hello ChatGPT. Recognizing the critical role of chauffeurs in delivering a safe and differentiated customer experience, we conducted specialised programmes including White Glove Training, Defensive Driving, Fire Fighting, First Aid & CPR and the SMART Chauffeur Programme. We achieved 100% coverage for Code of Conduct, POSH, DEI, anti-harassment, anti-corruption and fair competition training. Career growth and leadership development were supported through Voice to Vision conversations with the COO, Voice to Vision surveys and Individual Development Plans, with 84 customised IDPs created during the year. Safety remains fundamental to our people philosophy and operational excellence. During FY 2025-26, we conducted 69 Health & Safety inspections, 55 fire drills, 1,804 safety interventions and delivered 36,442 hours of Health & Safety training to 18,536 participants. Our nationwide Road Safety Campaigns across 9 locations during National Road Safety Month Jan 2026 engaged 970+ employees and provided road safety, defensive driving and POSH training to 1,500+ chauffeurs. The campaign included street plays (Nukkad Natak), awareness sessions with Traffic Police and RTO officials, eye check-up camps, Road Safety Pledge ceremonies and school outreach programmes. More than 40 chauffeurs were recognised under the Shandaar Chauffeur initiative, reinforcing a culture of safety, recognition and community engagement. The campaign was led by Branch Heads with facilitation from the L&D team and was also extended to client locations, strengthening leadership ownership, collaborative safety practices and customer trust. The Safety365 - For Her, For All campaign further strengthened our focus on womens safety, respectful conduct, gender sensitivity, dignity and trust.Employee well-being continued to be advanced through the ECO Cares For Y U initiative. 1,102 employees and chauffeurs participated in medical camps, while yoga, desk-yoga, wellness and mental health support programmes promoted a holistic approach to physical and emotional well-being. We remain committed to fostering an inclusive and equitable workplace. Women represented 8.08% of the workforce, and we continued to strengthen inclusive hiring practices, structured selection processes, unconscious bias sensitisation and DEI governance. During FY 2025-26, ECO conducted 60+ employee engagement programmes across PAN India, covering health and wellness, cultural celebrations, leadership connect, family engagement, learning, volunteering and recreational activities. Through the WOW Rewards & Recognition programme, 338 employees and 15 teams were recognised for excellence, innovation, ownership, collaboration and customer centricity. We also organised an international recognition trip to Malaysia for 92 high-performing employees, which received an overall satisfaction score of 4.89 out of 5. Leadership accessibility remained an important part of our employee experience through the Face-to-Face Open House with the COO, SPARSH focus group discussions, Team Time sessions and ECO Values Workshops, creating platforms for dialogue, feedback and trust-building. At ECO Mobility, we are building more than a workforce - we are building a culture that enables people to learn, lead, belong and grow. Because when our people grow, our business grows.

SUSTAINABILITY

At Eco Mobility, sustainability remains an integral part of the Companys long-term business strategy and operational philosophy. Guided by its ISO 14001:2015 certified Environmental Management System, the Company continues to integrate environmental responsibility, community development and social impact initiatives into its business operations with a focus on creating sustainable long-term value.

During FY26, the Company undertook multiple initiatives aimed at environmental conservation, clean energy adoption, community welfare, healthcare support and educational accessibility.

Fleet electrification remains a key pillar of ECO Mobilitys decarbonization strategy. During FY2025-26, the Company operated an average of more than 180 electric vehicles (EVs) across its owned fleet, enabling customers to access lower-emission transportation alternatives while supporting the transition to sustainable mobility.

As customer demand for sustainable transportation continues to grow, ECO Mobility remains committed to accelerating fleet electrification and expanding access to environmentally responsible mobility solutions that deliver both environmental and business value.

Case Study: Earth Day 2026 - Lights Off, Impact On!

To mark Earth Day, ECO Mobility organized its annual 15-minute Lights Off, Impact On! campaign across offices and operational facilities. Employees switched off all non-essential lighting to demonstrate the importance of energy conservation and climate action.

While the initiative delivered immediate energy savings, its primary objective was to reinforce responsible energy-use behaviours and strengthen employee engagement in the Companys sustainability journey. Conducted annually since 2024, the campaign reflects ECO Mobilitys commitment to fostering a culture of environmental responsibility through collective action.

Empowering Communities: Health, Education & Access

ECO Mobilitys community initiatives during the year focused on strengthening healthcare infrastructure, expanding access to education, and supporting public safety:

Education on the Move: Provided a school bus to a rural school in Uttarakhand - the second such donation to the school, following a similar contribution in the previous year.

Strengthening Healthcare Access: Healthcare access for underserved patients was our single largest area of investment this year, spanning emergency response, specialised surgery, and preventive care. We Donated two fully equipped life-saving ambulances to BGS Global Institute of Medical Sciences & Hospital in Bangalore and J.J Hospital, Mumbai, strengthening emergency healthcare infrastructure. Donated four ICU ventilators to GB Pant Hospital, Delhi expanded the facility capacity to deliver advanced, life-saving critical care. We also funded paediatric heart surgeries for underprivileged children through a Rotary-led project, giving families access to specialised cardiac care they could not otherwise afford.

Public Safety: Public Safety on the roads is a growing community concern, particularly in high traffic urban areas. Donated 30 body-worn cameras, with chargers, to the Delhi Traffic Police Headquarter.

As part of its community outreach initiatives, our company also organizes nationwide Road Safety Campaigns every January during National Road Safety Month to reinforce responsible driving behaviors, defensive driving techniques, and compliance with road safety regulations among chauffeurs, employees, and the wider community. The campaigns include street plays (Nukkad Natak) demonstrating safe road behaviors, expert awareness sessions by Traffic Police and Regional Transport Office (RTO) officials, eye health check-up camps for chauffeurs, and Road Safety Pledge ceremonies to foster a culture of responsible driving. During National Road Safety Month 2026, ECO Mobility organized a Road Safety Awareness Drive at KIIT Global School, Pitampura, Delhi, reaching over 90 students, parents, and school van drivers. The initiative aimed to promote safe road behaviour, responsible commuting, and awareness of traffic rules among young learners and the wider school community. By extending road safety education beyond its workforce, ECO Mobility reaffirmed its commitment to creating a safer mobility ecosystem and making a meaningful social impact through community outreach.

IMPACT COMMITMENT

The Company remains committed to creating long-term sustainable value through responsible business practices, environmental stewardship and community development initiatives. Its sustainability efforts are focused on supporting environmental conservation, healthcare accessibility, education and social well-being, while aligning with broader national priorities and global sustainability goals.

COMPANY OUTLOOK

The Company remains focused on strengthening its position within Indias organized corporate mobility industry through a scalable asset-light business model, strong client relationships and technology-enabled operations. With increasing industry formalization, expansion of GCCs, rising corporate travel demand and significant opportunities within the largely unorganized market, the Company remains well-positioned to drive sustainable long-term growth. Going forward, expansion across Tier II and Tier III cities and continued investments in technology and operational efficiency will remain key strategic priorities.